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August
23

Dallas-Fort Worth Only U.S. Market Where Home Sale Prices Dropped Last Month

The North Texas housing market is downshifting quickly, with Dallas-Fort Worth being the only U.S. market to see a decrease in home sale prices last month, according to a report released today.  DFW home prices are down 1.9% year over year in July, according to the latest Re/Max National Housing Report.

 

And what a difference a month makes.  Last month, DFW led the U.S. for home price increases, with June prices up 29.3% over the previous year.   In hard numbers, home sales prices in DFW fell to $413,900 in July from $422,000 in July 2021.   Homes in DFW spend an average of 23 days on the market before selling.

 

Higher interest rates and inflation, as well as record home prices, triggered a sharp drop in demand for housing, said Todd Luong, a realtor with Re/Max DFW Associates:  "Here at our Re/Max office in Dallas-Fort Worth, our listings are currently getting on average 2.7 showings per week," Luong said. "Last year, at this same time, our listings were earning on average 5.9 showings per week. That is a huge drop in buyer demand compared to the previous year. Record home prices and higher mortgage rates have forced many potential buyers out of the market, especially first-time homebuyers."

 

While the latest trends may disappoint some sellers, buyers now have more choices and better opportunities for good deals, Luong said.   Luong said that the DFW housing market has been challenged with low inventory for years and reached an all-time low earlier this year, with only a two-week supply. Now, however, inventory is increasing.  "Although buyers have more choices now, it is still not a balanced market as we only have about a two-month housing supply," Luong said. "In a normal market, you have about a five to six-month supply of housing."

 

A new report from Zillow also found falling home values, although the numbers didn't match Re/Max's precisely because of different study methods and different geographic definitions of DFW as a metro area, among other reasons.  According to Zillow's findings, the Dallas-Fort Worth metro area's typical home value is $396,904, down 1.1% since June, the first month of decline. Values are up 55.4% since July 2019.

 

Zillow also reported that the mortgage payment on a typical home in DFW is $2,633 a month, including taxes and insurance. That's up 77.4% compared to July 2019.

According to Zillow, inventory in DFW has risen 10.2% since June, and the share of listings with a price cut in July was 22%, compared to 15.6% in June.  Nationwide, after two years of unprecedented growth, home values fell for the first time since 2012 as competition for houses eased, according to Zillow's July market report.

 

The slowdown is being driven by decreased competition among buyers. Zillow's analysis says that affordability pressures have pushed many to the sidelines, and buyers are waiting in the wings to resume their search if and when prices relax a bit.  Skylar Olsen, Zillow's chief economist, called the flattening of home values "a badly needed rebalancing.  This slowdown is about discouraged buyers pulling back after the affordability shock from higher rates," Olsen said. "As prices soften, many will renew their interest, and we will continue our progress back to 'normal.'"

 

Luong said he sees positive signs in the market.  The interest rate for a 30-year fixed mortgage dropped below 5% after peaking in June. More than 290,000 new jobs were added in Dallas-Fort Worth last year, so North Texas has one of the strongest labor markets in the country.   "Reasonably priced homes that are in good condition and move-in ready are still selling very fast," he said. "However, the bidding wars have subsided considerably across the board."

  • Dallas Business Journal, August 19, 2022
October
11

Get To Know Your New Neighborhood With These 5 Tips

New Neighborhood DFWAfter weeks or months of browsing Dallas homes for sale, visiting open houses, negotiating with sellers, and dealing with the exhausting relocation tasks, you're finally in your new home. It's time to make your new place feel like home and settle into your new surroundings. For some people, this could fall into place when your new neighbors see your moving truck, but in most cases, you have to put in work to get acquainted with your new surroundings. All it takes is a positive attitude and willingness to make it work out. Here is our real estate agent's list of 5 top strategies to help you get familiar with your new neighborhood.

  1. Introduce Yourself to Your Neighbors
    Getting to know the people who live around you can help you feel settled in your new environment and your new routine. Within the first days of your move, it's a good idea to introduce yourself to the people next door. Tell them you are a newcomer and ask questions about your new neighborhood. You'd be surprised at how friendly your neighbors are. Be polite and keep your first interaction short. If you need recommendations or useful information about your new area, approach your neighbors again, offer some homemade cookies, and start a friendly conversation. 


  2. Take Frequent Walks
    The most straightforward piece of advice is sometimes one of the most effective. If you want to get to know your neighborhood, go see it for yourself. Taking frequent walks is an excellent de-stressor during or after the unpacking process, and it will also give you a chance to observe daily life in the community. Take your children to the nearest playground or go to the nearest gym to meet other parents or fitness enthusiasts. If you have a dog, take them for a walk in the nearest park.


  3. Join a Local Club or Community Organization
    One of the best ways to settle into your new neighborhood is to immerse yourself in the community. You can join local clubs, charities, and other community organizations, depending on your values, interests, and skills. This is a great way to meet like-minded people from the neighborhood and make friends. A polite introduction is all that's needed. Volunteering is also a great way to take an active part in bettering the neighborhood and learn about some of the issues that shape the community.


  4. Find the Locals' Favorites Spots
    Dining and entertainment hangouts can be a key to the true neighborhood vibe. Thanks to online resources such as Google and Yelp, it's easier than ever to find the best restaurants, bars, local attractions, museums, recreation centers, entertainment venues, and more. This will help you meet people from the neighborhood and feel like one of them.


  5. Shop Locally
    You can definitely find a box store in the area or buy your things online, but that little corner shop is something you'll find right in the neighborhood. So, whether you need to make a quick trip to the local café for a much-needed caffeine hit or a visit to the hardware for a few nails, you'll need to know where all the stores are. Shopping locally helps you engage with your new neighborhood while bolstering it at the same time.

As stressful as moving can be, getting to know your new neighborhood is an amazing opportunity to welcome new friends, find new passions, and explore the world with a fresh set of eyes. Still looking at Fort Worth homes for sale and aren't sure if you've found your dream spot? Our team can help. Contact us today for more information.

July
12

5 Ways to Upgrade Your Kitchen

Dallas Kitchen Upgrades

Love to cook? If so, you may be looking for a dream kitchen among Fort Worth homes for sale. You probably have some good ideas about what you want in a kitchen, but our real estate agents have some insightful advice that might make you reconsider what you're looking for. For instance, many homeowners think large when it comes to kitchen space, but experts say it's more important for your kitchen to be organized than to be expansive.

Make the most of your kitchen with these upgrades.

  1. Create a Good Workflow
    Gathering guests in the kitchen while you cook is a definite trend, but you want to arrange things so your guests can enjoy visiting and not be in the way. Place them nearby where they can enjoy a drink or some snacks, but not where you have to work around them. Plan for your cooktop to be out of the flow of traffic; take that a step further and locate the trash or the bar away from the cooking flow so you don't have to dance around obstructions. By the same token, you want essentials nearby, such as the refrigerator, pots and pans, most favored utensils, and cooking ingredients.

  2. Invest in Good Counters
    You want good quality counters, but that doesn't mean you need to invest in the most expensive materials. For instance, granite is popular, but it requires considerable upkeep and can scratch easily. Another popular material is soapstone, which is soft and can be scratched, but it's not delicate. It also ages nicely and can stand high heat. Compressed recycled quartz is a popular choice that stands up to wear and comes in several choices.

  3. Go for Quality Cookware
    Forget those 20-piece cookware sets. Rather, buy piece by piece and only buy what you need. For instance, you're likely going to use a frying pan or skillet more than, say, a saucier, so do invest in one that's of good quality. But investing in an inexpensive non-stick skillet for daily egg cooking isn't a bad idea. You can save the quality piece for the gourmet dishes, and just let the non-stick go when it wears out.  

    A cast-iron skillet is one way to acquire a quality piece that doesn't cost much. These last forever. You might also want to invest in a fully clad pot, which means it's composed of three layers of bonded metal. These pots are known for even transmittal of heat, which translates to nice browning instead of hot spots.

  4. Think Bold
    While white kitchens with a bold pop of color or two have prevailed over recent years, the trend may be shifting to more adventurous colors. For instance, bright blue cabinetry might call to you, as might a green marble countertop or a backsplash that makes an eye-catching statement. If you know you're staying in your current home, choose the colors that appeal most to you.

  5. Consider Sustainability 
    The throw-away syndrome is something we all need to lose, and no better place to start than in your kitchen upgrade. As you look to redo your kitchen, shop for quality, artisanal, sustainably made items that will last a lifetime. For example, consider adding quality food storage solutions to get rid of plastic wrap usage.

Still looking for a home complete with the perfect kitchen for all your culinary adventures? Our agents can help. Contact us today.

June
14

How to Make Moving Easier for Your Whole Family

Moving DallasMoving is a hectic transition for anyone to make, whether you're relocating across town or across the state. You have to arrange the details, pack everything up, stick to schedules, transport your family to the new place, live in chaos, and figure out where everything is. It can be challenging to handle all the tasks and still be sensitive to your child's experience as well. Our real estate agents have got some tips to make a move easier for the whole family.

  1. Plan Ahead
    Planning your move ahead of time can make the process a lot easier and minimize anxiety for everyone. You'll be able to hire a moving company, get plenty of time to pack and settle in the new home before big events like going to the new school. This will reduce your stress and also give your kids enough time to adjust to the idea of moving.

  2. Talk to Them
    Kids can pick up on those whispered conversations, so the sooner you tell them, the better. Discuss the move when things get obvious – you're getting ready for the yard sale, you're showing the house, or you're starting to pack. Let your kids know where you're going, why you're moving, and when you're moving. Acknowledge their sad feelings and create a safe space to talk about it.

  3. Visit the New Neighborhood
    Once your kids understand what's going to happen, get them excited about the move. If you can, drive over and show them around. Find the nearest park, ice cream shop, comic book store, the best pizza place, or whatever their favorite things might be. If you've chosen a school or daycare in your new neighborhood, take the kids there for a visit.

  4. Get a Sitter on Moving Day
    No matter how organized you are, the noise and chaos of moving day is no place for small children. Also, with things being packed and moved, you'll be too distracted to give your child your full attention. Get a babysitter or have your child stay with a family member or friend for the day to cut down on stress and emotional outbursts.

  5. Delegate When Possible
    In the interest of time, you may be tempted to take care of every aspect of the move yourself. However, giving your child age-appropriate control can help them feel safer and calmer about the whole process. Keeping them occupied will help you focus on other things. Put your preschooler in charge of packing up their toys, books, or games. You may also want to have them pack a "comfort bag" filled with their favored bedtime toys and other important items for your trip. A teen might help with packing up their room and other light items in the rest of the house.

  6. Try to Stick to Routines
    Children fear the unknown, and changes can trigger fears and anxieties. Keeping things as consistent as possible before, during, and after the move can give your child have something to focus on in the midst of changes. Keep your kids to their regular bedtimes and establish the same routines in your new home.

Still looking for your dream home among Dallas homes for sale? Our team can help you find one to call your own and make your experience easy and convenient. Contact us today to get started.

April
12

Common Places That Are Overlooked While Spring Cleaning

Spring Cleaning Spots

If you're a homeowner, you know that spring cleaning is essential to a clutter-free home. When winter cold fades away, and spring sunshine appears, it's time to roll up your sleeves and tackle some of those indoor and outdoor chores around the house. Our real estate agents know that buyers pay attention to small details that reflect an organized, well-maintained home. Tackle every spot in your home, even the ones that are commonly overlooked, with these helpful tips. 

Kitchen Appliances

In a busy household, cleaning the refrigerator, stove, microwave, and dishwasher are chores that often get pushed aside. Although they take time and energy, they're essential to prevent a buildup of spills and food residue, rodents, and potential fire hazards in the kitchen. When spring cleaning:

  • Sweep and mop under large appliances

  • Get rid of old food in the fridge

  • Clean the stovetop and oven with a degreaser

  • Remove spills and food residue from the microwave

  • Remove food debris and any broken glass from the dishwasher

  • Clean coffee makers, toasters, and can openers to remove bacteria

Kitchen Pantry

Spring cleaning provides the perfect time to check the expiration dates on food, get rid of old or unwanted items, and organize your kitchen pantry. For faster cleaning, remove items shelf by shelf, starting with the top shelf. Place items on your kitchen countertops while cleaning pantry shelves with warm soap and water or a spray cleaner that removes grime and stains. If you want to label or reorganize food items, this is the perfect opportunity.

Cabinets, Closets, and Draws

Cabinets and drawers can quickly become filled with clutter and unused items, especially after living in a home for a while. Buyers interested in Dallas homes for sale don't want to see clutter overflowing in cabinets,  drawers, and closets. Spring cleaning provides the perfect opportunity to get rid of unwanted items, old clothes, and expired medications, so your home doesn't look neglected.

Under Kitchen and Bathroom Sinks

Areas under kitchen and bathroom sinks are commonly used to store cleaning products and household essentials. These areas are often neglected and subject to a buildup of clutter, moisture, leaky pipes, and mold. If garbage disposals are not cleaned regularly with disinfectant, they can build up bacteria from food debris and unpleasant odors. Potential home buyers often check under kitchen and bathroom sinks to look for signs of rotten wood, mold or mildew or standing water that signal potential plumbing problems.

Ceiling Fans. Chandeliers, Lamps, and Sconces

When it comes to cleaning, indoor and outdoor lighting fixtures are often overlooked. For many homeowners, indoor ceiling fans, chandeliers and sconces, lamps and lampshades, and outdoor lighting fixtures don't get cleaned on a regular basis. Unfortunately, the grime, dirt, and dust that builds up and blocks light makes indoor spaces look dark and dingy, and outdoor spaces unappealing to potential buyers looking for Fort Worth homes for sale.

Air Ducts and Vents

Dirt and debris that builds up in air ducts and vents can cause excessive dust in your home and respiratory problems for your family. To remove dust buildup from vents, remove them and wash them with hot soapy water. To clean your air ducts, you need to schedule a cleaning with a local professional HAVC technician who has the proper equipment.

Take the time for spring cleaning to ensure a well-organized, healthy home. If you're interested in buying or selling a home, contact us to find out how we can help with your real estate needs.

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